managerial accounting

Question 2 Honda Motorcycles manufactures motor scooters. The company has automated production, so it allocates manufacturing overhead based on machine hours. Honda expects to incur $240,000 of manufacturing overhead costs and to use 4,000 machine hours during 2020. At the end of 2019, Honda reported the following inventories: Raw materials inventory Work in process inventory Finished goods inventory $20,000 $17,000 $11,000 During January 2020, Honda actually used 300 machine hours and recorded the following transactions: a. Purchased materials on account, $31.000 b. Used direct materials, $39.000 Manufacturing wages incurred totaled $40,000, of which 90% was direct labor and 10% was indirect labor d. Used indirect materials, $3,000 e. Incurred other manufacturing overhead on account, $13,000 Allocated manufacturing overhead for January 2016 Cost of completed motor scooters, $100.000 h. Sold scooters on account, $175.000 cost of scooters sold. $95.000 Required: 1 Calculate Honda's predetermined overhead rate for 2020 2. Journaline the transactions in the general journal. Use the following Account Receivable, Raw Materials Inventory. Work-in-Process Inventory Finished Goods Inventory. Accounts Payable. Wages Payable. Sales Revenue Manufacturing Overhead, and Cost of Goods Sold 3. Ses, up T-accounts for the accounts listed in Requirement 2. Enter the beginning bilances for the inventory accounts and assume the remaining a have a beginning balance of 50. Pose the transactions to the accounts and determine the ending balances 4. Agus Manufacturing Overhead for the overallocated or underallocated overhead. Post your entry to the T-accounts. 5. What are the ending balances in the three inventory counts and in Cost of Goods Sold